Softbodies would get a squishing effect as it bounces off things, but I am not sure if it would make the object bouncier if that is what you are looking for. I haven't used the game engine in so long, so maybe I am wrong.

I didn't want to necro, but I had to clear this up for you. As far as controlled bouncing goes, soft bodies would not be the way to go. Soft bodies seem to crash the BGE frequently and are unpredictable. IPO frames are the way to go on this one, especially if you are controlling the ball.

"Along with 'Antimatter,' and 'Dark Matter,' we've recently discovered the existence of 'Doesn't Matter,' which appears to have no effect on the universe whatsoever." -The 5th Wave